Home  Issuers' Corner  Press Releases  Mobile TeleSystems
CLOSE

Press Releases > Mobile TeleSystems  all about the company

company search
all press releases
all Mobile TeleSystems press releases

Mobile TeleSystems

June 29, 2005

License of MTS’ subsidiary in Turkmenistan evoked

Moscow, Russia — June 29, 2005 — Mobile TeleSystems OJSC (“MTS” — NYSE: MBT) announces that the Ministry of Communications in Turkmenistan has revoked the mobile services license of US incorporated Barash Communications Technologies, Inc. (BCTI), a 51% stake of which was recently acquired by MTS.

On June 27, 2005 MTS announced its acquisition of a 51% controlling stake in BCTI, a company incorporated in Texas, USA, whose branch provides mobile phone services in the Republic of Turkmenistan.

The following day MTS received official notice from the Communications Ministry of Turkmenistan stating that it had revoked the license held by BCTI to provide mobile services in the country. Under these circumstances, the company is currently unable to provide mobile phone services legally to its customers in Turkmenistan.

MTS strongly believes that the Communications Ministry of Turkmenistan has no legal grounds to revoke the license, and the Company will take all appropriate measures to resolve the situation and ensure the integrity of its subsidiary’s operations in Turkmenistan.

Commenting on this development, Vassily Sidorov, MTS’ President and CEO, said: “We are very surprised by the decision to revoke BCTI’s license. We made several attempts to clarify the details of the acquisition with the Government of Turkmenistan, and we believe that the Ministry’s decision could be based on a simple misunderstanding. We are seeking a quick resolution of this matter in order for us to realize our plans to invest in the telecommunications infrastructure of Turkmenistan to build a successful mobile operations and benefit the Turkmen economy.”

For further information contact:

Mobile TeleSystems, Moscow
Andrey Braginski, Investor Relations
tel: +7 (095) 911-65-53
e-mail: ir@mts.ru

 

 

 

Search by industry

Agriculture, Foresty and Fishing | Chemicals | Engineering | Ferrous Metals | Financial, Insurance & Real Estate | Food & Kindred Products | General Construction | Information Technology | Media & Publishing | Non-Ferrous Metals | Oil & Gas | Pharmaceuticals | Power Industry | Precious Metals and Diamonds | Telecommunications | Transportation | Wholesale & Retail Trade

Search by alpha index

A B C D F G H I K L M N O P R S T U V W X Z



Site Map
© RUSTOCKS.com
Privacy Statement | Disclaimer